Trust
FACT BOX
MANAGERS : Spencer Adair & Malcolm MacColl / LAUNCHED : 06 / 02 / 1929 / DISCOUNT / PREMIUM : -10.5 % / OCF : 0.4 %
CROWN RATING
Baillie Gifford trusts such as Scottish Mortgage , and this is where manager Spencer Adair has been most active . He sold 20 names in the six months to the end of October 2022 . Yet he said the portfolio will continue to be run in the same way : owning growth companies for the long term .
Analysts at Investec like the consistency of the approach . They also said gross margins and net debt to equity in the underlying holdings of 40 % and 10 % respectively compare favourably with figures of 29 % and 50 % from the wider market , leaving the portfolio well placed to cope with an era of rising interest rates .
Performance of trust vs sector and index over 10yrs
FTSE World ( 217.4 %)
Monks Investment Trust ( 219.5 %)
IT Global ( 142.1 %)
400 % |
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350 % |
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300 % |
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250 % |
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200 % |
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150 % |
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100 % |
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50 % |
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0 % |
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-50 % |
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Jan13 |
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Jan22 |
Source : FE Analytics
Issue 91 - January 2023 / 51 /